TechNavio reports suggest The Global BIM Software Market will grow rapidly during the coming years, posting a CAGR of 17.4 percent. The BIM software market presently sees a major share of its revenue being generated from the EMEA region, followed by Americas and the APAC region.
BIM software is typically used to provide 3D platforms for designing. In addition, BIM software has also played a major role in providing data-centric information, thereby reducing the cost of operation and maintenance of facilities.
By minimizing design errors, BIM software is transforming the construction industry in terms of design quality and construction of infrastructure projects. Countries such as UK, Japan, and Korea are evolving rapidly in terms of BIM software adoption.
One of the major drivers propelling the growth of the Global BIM software market is the fact that, various governments globally are taking initiatives in its adoption. To reaffirm its popularity, contractors in many developed countries have reported a positive return on investment on the adoption of BIM software.
Of late, construction firms in many developing countries such as India and China have begun to participate in the Global BIM market as they too have started recognizing the benefits associated with BIM software.
Throwing light on 4 key drivers in the Global BIM Market, TechNavio analysts bring you a sneak peek into its dynamics through their expert insights:
Need for Improvement in Quality Control and Productivity
Improvement in productivity and quality control is a key factor driving the growth of the Global BIM market. The application of BIM software in the construction sector is improving overall productivity and quality control by minimizing errors and reducing wastage and costs associated with construction.
Supporting this view, the Government of UK has projected that the implementation of BIM in infrastructure projects would lead to a reduction in the life cycle cost in the years to come.
Reduction of Cost and Wastage
Implementation of BIM in the Construction sector is leading to a reduction in cost overruns. BIM software helps in detecting any errors or effusion during construction, thereby reducing running costs and delays. In addition, the software also helps in tracking inventory costs.
Ability to Track and Maintain Information
BIM software helps in tracking data in the construction phase. The software stores all the information related to day-to-day activities and also helps in analyzing the inventory required for any given construction project along with physical information such as the size and weight of components used. In addition, the tracking function has emerged as a vital source of information for manufacturers and project teams to assess the hurdles encountered during construction, thereby providing real-time information.
Government Support for BIM Applications
Government support for the use of BIM applications in the construction sector is having a positive effect on the growth of the BIM software market in many countries. For instance, the EU Public Procurement Directive has made it mandatory for all 28 European member states to implement BIM applications in publicly funded construction projects by 2016.
Also, the Housing Authority of Hong Kong has mandated BIM implementation in construction projects by 2014-2015. In addition, the US General Services Administration, the federal government’s real-estate management has made it mandatory to use a BIM application as a minimal requirement for all major infrastructure projects in the US.
